Top Tech Trends in the Health Insurance Industry

The health insurance sector is enjoying a good time in Spain: in 2018, it grew by almost 6% thanks to a premium volume of 8,520 million euros, according to data from ICEA (Cooperative Research between Insurance Entities and Pension Funds).

And, in addition, there is potential for this market to continue growing thanks to the emergence of new technologies, among other factors. This is indicated by the Capgemini report on the ten technological trends in the health insurance sector that will mark this year.

1-Entry of technological giants
Companies such as Google and Amazon are positioned to enter the insurance industry thanks to a great technological and analytical capacity, which facilitates the introduction of new disruptive models based on technology. Mergers and acquisitions will allow the sector to survive in this highly competitive environment.

2-Simplification of the customer experience
Future-focused health insurers are offering their customers a guided user experience to simplify the healthcare process and improve patient loyalty. Today’s customers, increasingly tech-savvy, expect from their insurer the same kind of digital tools and experiences they receive in online commerce.

3- Chatbots and voice assistants
Insurers are already using this type of technology to interact with their clients via smartphone or PC. Thanks to Artificial Intelligence and advances in natural language processing, it is possible to converse with them as if they were a real person. The level of naturalness is very high.

4- Apps to interact with the user and improve their experience
The smartphone is a channel that allows insurers to provide basic and innovative insurance services (enrollment, collection of premiums, claims processing. The apps are taking advantage to increase engagement and capture the attention of customers who are increasingly demanding in terms of comfort and ease in the services provided.

5-Efficient management of employee health
Insurers have begun to provide companies with tools to efficiently manage employee health. Because it is more and more frequent that these receive medical attention through health insurance financed by the employer (in the United States, one in two employees).

6-LOT devices for prevention
Health insurers are moving towards a preventive care model and provide proactive wellness initiatives supported by the use of devices. Customers are increasingly willing to share data with insurers.

7-Analytics for predictive diagnosis and personalized attention
Insurers take advantage of health analyzes to make predictions about the susceptibility of clients to future illnesses. Advances in artificial intelligence, machine learning, and image recognition have paved the way for predictive diagnosis and data-driven determination of the correct treatment.

8-Telemedicine changes the relationship between supplier and customer
The telemedicine allows cost savings to insurers and gives users access to doctors from anywhere through consultation video on mobile or tablet. For this reason, more and more insurers are offering their clients medical care remotely.

9- Blockchain to unify and manage health data
This technology is based on a decentralized ledger to store data in an immutable, highly transparent and secure way.

10-Artificial intelligence to improve operational efficiency
Especially in relation to claims processing and fraud detection. This makes it easy to optimize costs and drive customer satisfaction.